Indian consumers may soon get some relief on petroleum prices as crude oil prices fell up to 4 per cent in international oil markets last Friday. The development comes close on the heels of reports about a possible Russia - Saudi Arabia coordination on increasing oil production.
The two countries, along with the Organization Of Petroleum Exporting Countries are reportedly of the unanimous view that a production boost was needed to stabilise the over heating oil markets. Reports of the same led to a $2.83 (4 per cent) a barrel fall in US benchmark and $2.35 (2.98 per cent) a barrel fall for the London-traded international benchmark. The London benchmark was clocking $76.44 a barrel.
While OPEC production boosts and reductions have always been happening what is new this time is that Russia has been in close coordination on the plans. Talks about production boost gain significance because it is happening at a time when the markets are worried about the impact of US sanction on Iranian oil exports.
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